The main thing in putting together a mic cabinet is to not forget the main thing which is that no one ever went down the street humming the sound of a microphone. It's all about the music. In the grand scheme of things, mics capture the performance of the music.
I think the number one priority in recording music is a versatile mic. There are two reasons for picking a versatile mic for the one spot. First, it's going to be your first mic. You may not have the budget to stock your mic cabinet all at once. It may be the only mic you'll have for months. The second reason is that you might have someone in the studio who is putting out some great guitar licks or some interesting vocal phrasing. And, if you start fishing around for the very best mic to capture the performance, then you risk losing the moment. So, it's good to have a versatile mic you can put up to get the performance to tape.
A versatile mic rarely turns out to be the very best mic for any recording job. But, it usually turns out to be the second or third best mic. It's a mic that can do a fairly decent job at a lot of things.
For the project studio on a budget (and arguably those not on a budget), the best choice for a versatile mic is the Audio-Technica AT4040. It streets for about $299. It's a true large condenser mic. It possesses a good fit and finish. And, it shines on a lot of sources.
For example, on acoustic guitar, the AT4040 puts across a musical and detailed sound. It doesn't get harsh in putting across an acoustic guitar's high frequencies (even some expensive mics famous for this application can't avoid this one).
A lot of pros use a pair of the AT4040 exclusively as drum overheads. If you want some sizzle in your drums, then the AT4040 can be an excellent choice for overhead duties. The AT4040 doesn't possess the tightest cardioid pattern. So, you'll capture a bit more sense of the space with them than the typical cardioid condenser. But, the mic also possesses good rear rejection.
The AT4040 also functions well on a variety of voices, both male and female. It's on the brighter side of neutral without getting brittle (as many lower cost large condensers do). The mic's frequency response does contain some added dBs at 6-8 kHz. There's also a bump just above 10 kHz. Even so, I've not experienced any problems with the mic getting essy or bringing out plosives. The AT4040 sort of lies in between sonic quality bright vocal mics and the higher quality dynamics.
If you need an even more lower cost mic, then I suggest looking at the Electro Voice 635a. It's a stick mic generally used in TV news production. Yet, it's been a pro studio favorite for years. It can cover instrument and vocal duties with a certain "Exile on Main Street" sound. It's an omni pattern dynamic microphone. Many pros often cite the Shure SM57 as another dynamic mic worthy of being called versatile. You should be able to pick up the Electro Voice 635a or the Shure SM57 for $100 or less new.
What if you want a side-address condenser in the one spot but can't afford an AT4040? Let's talk super cheap... under $100. You're just not going to find a truly versatile side-address condenser for $100 or less. I currently like the Audio-Technica AT2020. It sounds good on many voices and some instruments even though its frequency response shaves the low end starting at about 200 Hz. For under $200, you might consider the CAD M179. The M179 possesses adjustable patterns. It's better on instruments than vocals.
I believe the second priority in putting together a microphone collection is a pair of instrument condensers. The market changes so much that it's difficult to make a firm recommendation for a budget conscious microphone. Formerly, I recommended the Oktava MK012 in this spot. I am weary of strongly recommending it at this time due to a change in Oktava's official distributor.
However, these mics have been sold in the USA for years by the Sound Room. They are not an official reseller (and never have been). They buy Oktava mics in Russia and quality control the mics before importing them into the USA. Be warned that the Sound Room wants about $200 per mic for single capsule models and about $300 per mic for multicapsule models. Most project studio enthusiasts will want to stick with the cardioid caps. But, other capsules can be helpful.
I also like the Groove Tubes GT33 and GT44. The GT33 is a FET mic. The GT44 is a tube mic. You can buy additional capsules for these mics. These are medium diaphragm condensers. Pricing can vary wildly on these at times. For example, the GT33 usually sells for about $280 each online. But, I picked up a pair at Guitar Center for a little over $100 each. At either price, the GT33 is a good value.
You might also consider the Josephson C42. These seem to be the flavor of the year in instrument condensers for people who record popular music. These go for about $430 each. Another popular flavor of instrument condenser seems to be the Avenson Audio STO-2. A pair will cost you about $499. The Avensons possess a transparent and smooth sound. They are my current favorite instrument condensers.
If you've not got much budget, then the low priced mainstay seems to be the MXL 603, which streets for about $100 each. You can also get these in matched pairs.
Why a pair of instrument condensers in the two slot? I think that recording is about capturing an image or sense of space. An AT4040 is a versatile mic. You could make a nice multitrack recording with only that mic. However, if you were to add some small or medium condensers to the mix, then you create different pictures of sound to put across in your recording. In essence, it helps make things interesting.
The third priority to my mind is a low frequency mic. I like the Audio-Technica ATM25. It seems to work with most any source on bass amps or kick drum. It also can double as a dialog mic. Other low frequency mics perform respectably as well including the Audix D6, Shure Beta 52 and AKG D112.
I believe after getting these first mics that you're well on your way to putting together a collection of quality mics. Depending on your needs you might want to focus on adding some more microphones. You might look at some quality dynamic mics such as the Shure SM7B or the Electro Voice RE20. Some quality condenser mics to consider include the Brauner Phantom C or the Microtech Gefell UMT 70S.
Anymore, I recommend trying to put at least one ribbon mic in the collection. Ribbon mics by Royer and AEA certainly get my recommendation. Sometimes, ribbons bring out the sonic richness of an instrument unlike any other type of mic. I remember being in a studio once and hearing a tenor saxophone tracked with an AEA R84. I've been around some of the best sax players on the planet at times due to my jazz background but I've never heard a better tone put to tape than with the R84. The Royer R-121 tends to be the favorite guitar amp mic.
You might also consider the Soundfield SPS422B Microphone System. It can record mono, stereo and surround from a single microphone and 1U control unit. Nothing else on the planet can put across a sense of space as this microphone system can. It's my favorite mic for grand piano.
Some people like to get deep into dynamic mics after putting together an essential mic collection. The Mojo Pie forums have some of the best info out there on old dynamic mics from Electro Voice, Beyer and Shure. Just use the search function in the forums and look for things such as "Soundstar" or "635a."
I know people get tired of hearing it but in dealing with pro audio products you'll find if you don't buy quality then you'll buy twice. If you find a mic at Mojo Pie that gets a highly recomended or very highly recommended then you can probably be assured that it's damn good at any price.
